In the current 4.0 era, digital transformation technologies are becoming significant. Globally, industries from retail and finance to the public sector are implementing digital transformation initiatives to boost operational efficiency, and the real estate industry is no exception. Chairman of FPT Corporation, Dr. Truong Gia Binh, stated: "For the real estate businesses to survive and develop, digital transformation is necessary."

Why is digital transformation necessary in the real estate firm?

Sharing at the conference “Real estate market in the trend of digital transformation” (taken place in Da Nang), Dr. Can Van Luc, Economist, Senior Advisor to the Chairman of the Board of Directors of BIDV Bank, Director of BIDV Training School emphasized that digital transformation in the real estate sector is an inevitable trend.

Currently, it can be seen that real estate businesses have begun to use digital transformation technologies to replace the traditional way of working. Accordingly, applying new technology will bring many benefits and efficiency in the working process for businesses since it helps reduce costs, increase labor productivity, and increase management, maintenance, and risk control efficiency in real estate services. In addition, it becomes easier to control land information, ensure information transparency, and help increase accessibility, satisfaction, and customer experience, thereby improving revenue significantly. Specifically, businesses will develop more sustainably due to the application of digital technology, with the objectives of lowering emissions, conserving energy, and generating green and ecologically friendly real estate.

As previously said, real estate firms are entering a phase of digital transformation, led by Meey Land, the first proptech company in Vietnam. In under three years, Meey Land has created a real estate technology ecosystem with five products/services to assist investors and clients. In addition, Meey Land’s products generate a favorable impression and are well-liked by consumers by utilizing the most modern and pervasive technologies of the day, such as Big Data, AI, IoT, Blockchain, and AR/VR, in their research and development.

Additionally, Mr. Tran Van Binh – Vice Chairman of the Vietnam Real Estate Brokers Association clarified that the Vietnam Real Estate Brokerage Association has been promoting the development of data platforms and data conversion tools along with policy consulting activities, serving as the basis for the stable development of the digital transformation process in the real estate sector in Vietnam.

Difficulties of digital transformation in the real estate business

Dr. Can Van Luc, Senior Advisor to the Chairman of the Board of Directors of BIDV Bank, and Director of BIDV Training School acknowledged that the challenges in digital real estate transformation in Vietnam today are about awareness, changing mindsets, and habits from in-person to online. Besides, the legal framework is slow to change, updates are not synchronized and open; missing and scattered information and data; consumer confidence takes time to cultivate; the connection between investors and financial intermediaries is still inefficient.

In terms of technology application, most of the real estate technologies (proptech) currently only partially meet the transaction cycles. For example, there is a platform to meet the needs of information search, a platform for comparison only, a financial platform, etc., which are fragmented and have not been gathered into a comprehensive platform. As can be seen, the challenge lies in the fact that users have not fully gained trust from the applications, they only see them as a way of reference.

Digital transformation solutions in the real estate industry

Although the real estate industry continues to face several difficulties and obstacles in digital transformation, Vietnam still possesses many benefits and development possibilities. The Digital Transformation Newspaper has provided firms in the real estate industry with lucid trends and solutions to aid in their development, specifically as follows:

  •  Enhance security solutions, develop online procedures, and provide transmission lines and connections for the digital transformation process to occur successfully and transparently.
  • Real estate applications of virtual reality: Augmented Reality (AR) and Virtual Reality (VR) are two examples of modern technologies that enable homebuyers to visualize and experience residential and office spaces on a model by using  3D pictures, increasing their propensity to purchase.
  • Implementing digital papers and records: utilizing application software to store documents logically, find information quickly and easily, save time, and manage all real estate project operations with ease.

As Mr. Tran Huy Bao Giang – General Director of FPT Digital, shared in the Economic and Urban newspaper, the specificity of the real estate industry is to have direct contact between sellers or brokers and customers. The customer experience journey when considering buying real estate is often very long, especially since the transaction value is considerable, so if you want customers to put their trust in transaction applications, it is a complicated problem. He stated that we should follow a long-term plan while providing users with transparent, diverse, and reliable information; integrating technology and practical demands to offer the best customer experience.

Understanding the trend of digital transformation and application of digital technology in the real estate business today, the International Data Group in Vietnam (IDG Vietnam), in collaboration with the Digital Media Association, will organize Vietnam Digital Government Conference & Expo 2022 to analyze the benefits and difficulties, find solutions for the digital age, contribute to sustainable development, and help businesses take advantage of opportunities to grow in the real estate business. 

Coming, IDG Vietnam cordially invites you to attend the Vietnam Digital Government Conference & Expo 2022 to understand more about the technological innovations, and data applications in the real estate industry to develop the digital economy and society towards the goal of national digital transformation in the period of 2022 – 2025.


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